Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Russian insurer ROSNO introduces new weather insurance product


Russian insurer ROSNO, a subsidiary of Allianz, has launched a new weather insurance product for their clients. Allianz Risk Transfer assisted ROSNO in the development of this new product to protect clients against unfavourable weather.

The Russian weather insurance market is still in development with not many products available easily. The drought and wildfires suffered last year across much of Russia has helped to raise the profile of insurance as a way to hedge the effects of climate variations and extremes.

Mr. Leonid Golovanov, head of ROSNO’s Agricultural and Natural Risks Insurance Department commented; “Last year, the weather itself evidenced the importance of this type of insurance for Russia. Weather insurance may be beneficial both to retail clients and large businesses, including energy suppliers and consumers, organizers of entertainment events, food and drink manufacturers, transport and construction companies, and shopping mall operators. For example, frosty conditions boost premise heating costs incurred by large retail outlets, and the summer heat similarly increases the air conditioning costs. Cold summer decreases the volume of retail trade in certain commodity articles, while warm winter reduces gas suppliers’ revenue. There are plenty of examples how weather affects various economic sectors”.

Under this new product ROSNO say they compensate lost income or unforeseen expenses borne by their client as a result of inclement weather conditions such as an unusually mild/cold winter, hot/cold summer or precipitation volume deviations. Weather conditions are assessed using indices of heating, cooling, rainfall and other weather types. The product has been developed with the assistance of Allianz Risk Transfer.

Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. Held in Singapore, July 13th, 2023.

Artemis ILS Asia 2023 - Insurance-linked securities conference in Singapore

Get a ticket soon to ensure you can attend. Secure your place at the event here!

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.